PPP Loan Income is taxable as other income in 2021

[bm]

PPP Loan Income is taxable as other income in 2021. Now on IRS I found this https://www.irs.gov/pub/irs-drop/n-20-32.pdf

[rcherenson · Accepted solution]

Taxable? Proseries has the click through box on the info page to report PPP loans and status and it is not taxable. 

[CJR]

Notice 2020-32 was deemed obsolete by Rev Ruling 2021-2 (link below) PPP forgiveness is non-taxable income

https://www.irs.gov/pub/irs-drop/rr-21-02.pdf

[dkh]

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@bm wrote:

PPP Loan Income is taxable as other income in 2021. 

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As Dwight Schrute would say..... FALSE.       

[IRonMaN]

You can find out a million things on the internet.  However, unless you find the most recent million things, you might be looking at outdated information.  So I will second Dwight's motion.